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How Credit Reporting Software Helps with Small Business Loans

Credit reporting software is designed to help businesses with small loans by lowering expenses, saving time, and increasing productivity and safety.

If your company offers small business loans, credit reporting software can also help you increase profitability and scalability (CRS).

Discover how credit reporting software can help your business grow and scale faster.

The Benefits of Credit Reporting Software for Businesses 

Before you sign a contract with a new business partner, create an order, or ship the order, make sure you know who you're doing business with. 

Checking a client’s credit history and financial situation first could save you time and money later. 

Soft Pull Solutions has developed a unique credit scoring system that allows businesses to get accurate information about their clients. Our credit reporting software (CRS) can help your business keep track of your customers' financial information, watch how they spend their money and find signs of fraud or identity theft. 

First of all, our technology automatically pulls consumer credit reports from multiple sources, allowing you to see relevant information about each client. Our custom API gets credit reports from Experian, Equifax, and TransUnion, the most well-known and significant credit reporting agencies. We specialize in soft pulls, which means your client's credit nor credit score will be affected.

Secondly, we provide real-time updates, so you are always up to date on your client's financial situation. You can use our reports to help figure out how risky your small business loans are. 

Thirdly, we offer a completely tailored solution for your business's needs. Customizable APIs can increase your company's potential for innovation and growth. By adapting the program to your needs, you can scale more efficiently, attract clients, and reach a bigger market. You will also be able to serve more clients because of your increased efficiency and productivity. 

The following are some of the services we provide to financial institutions:

  • API Indicator: When it comes to application programming, you want a dependable solution that can help you streamline your business. Soft Pull Solutions' API connectivity allows businesses to pull data from their own sources quickly. You can add custom APIs to your product to meet your business's needs. This service enables you to tailor the software to your needs and examine important reports. You can view hard pull reports, soft pull reports, red flags, and any other information you need.
  • Hard Pull Credit Reports: Our hard pull credit reports include a full credit report from each of the three major credit bureaus. This capability will do the job if you need this report to pre-qualify customers.
  • Liens and Judgments: Liens and judgments are public records that have traditionally aided in the discovery of civil court filings on individuals during the credit evaluation process. Our liens and judgments service lets you look through public records to determine if a client has any tax liens or civil judgments.
  • Automated Income Verification & Employment Verification: Business owners can use an automated income check to evaluate customers based on criteria other than their credit score. Income checks also increase borrower confidence in loan repayment and help businesses by reducing the occurrence of fraud. Our income and employment verification service allow businesses to see job history, employer name, annual income, and tenure. This vital client information allows them to make more informed lending decisions.
  • Compliance Management: When a customer is unable to accept a credit offer, businesses must send an adverse action notice. Adverse action is a compliance requirement that provides the prospect with an explanation for credit denial. This service will help your company save money on labor, reduce human error, and save time sorting through files. We also provide a compliance dashboard to help with organization.

A Custom API Can Boost Business Productivity and Revenue

Even though APIs might seem confusing and complicated at first; they can make your life much easier and help your lending business serve customers better. An API can also help you get the most out of your money and make your business more productive and profitable.

You most likely have a lot on your plate as a business owner. APIs can relieve you of some time-consuming tasks by streamlining processes. Your company can be more efficient and productive when all of your information is in one place.

With the help of advanced APIs, it is now possible to get data from multiple sources simultaneously. This makes it possible to look at data and act on it promptly and correctly. Because of this, businesses can now save time and money while getting more done. This increase in productivity can undoubtedly help enterprises to increase their revenue. 

Before this cutting-edge technology came along, companies had to spend ample time and money on paperwork and in-person client meetings.

You Can Use API for Better Marketing

With the evolution of digital marketing, many business owners have started using cutting-edge technologies to stay competitive. API technology is one of these technologies.

APIs have numerous benefits that help businesses with marketing. Marketers no longer have to crunch numbers, learn how to code, or rely on experts to do great analytical work.

An API, for example, can help you figure out how well your latest marketing plan is working, find ways to make your team more efficient, and even think of ways to reach a market you haven't been able to reach before.

APIs are becoming increasingly valuable as businesses collect more and more data from their customers. They make cross-channel integrations a breeze by eliminating many time-consuming tasks; marketers can now see how well their marketing campaigns are working, improve their team's response rates, find flaws, and take advantage of opportunities as they arise.

Custom APIs are also very useful tools for combining data from many different sources and displaying the results in a way that works well on mobile devices. Also, they make it possible for businesses to offer customers more goods and services through third-party providers, which would not be possible otherwise. 

Because of these recent innovations, business owners are now better able to meet their customers' growing demands. 

Credit reporting API Helps Businesses Make Smarter & Safer Lending Decisions

Lending money can be stressful and time-consuming, particularly if you lack the right tools to ensure that you’re making safe and smart lending decisions. That’s why at Soft Pull Solutions, we have made it our goal to make this process safer for our clients. 

With Soft Pull Solutions, our credit reporting software can help you make smarter and safer business decisions. Our credit reporting software allows clients to obtain clients' credit information in a way that is safe, easy, and quick.

Information about a client is taken from the three credit bureaus (Experian, Equifax, and TransUnion) to make a full credit report file. A custom API will also allow you to make bulk requests, which are more common in high-volume, fast-paced businesses.

If you want to run automated income checks and credit reports at any time and from any location, Soft Pull Solutions' review dashboard provides a full range of verification services to make financing not only easier but also safer for lenders.

We can give you a full picture of your client's credit history because we can tell you about both good and bad things about them. Soft Pull Solutions credit reports may also provide alternative credit information.

Our full-file reporting service includes the following features:

  • Soft pulls
  • Hard pulls
  • API Integrations
  • Liens and judgment data
  • Automated income check and employment verification
  • Alternative Credit Data
  • Online credit applications to prequalify applicants
  • Compliance Tools

Your lending decisions are important, as are the tools you use to make safe lending decisions. 

Business owners who want to stay ahead of the competition and grow their businesses should seriously consider implementing custom APIs. 

Lending to the wrong client can cost a lot of headaches, thousands of dollars in losses, and damage to its credibility as a reputable lending firm. With fraud occurring more and more, businesses and lenders are now facing more risks every year. Using modern software and verification systems can make it much less likely that your business will fall victim to these common crimes.

With Soft Pull Solutions, our CRP will let you conduct customer verification checks faster and more efficiently, which can help you make better lending decisions, improve productivity, and give your clients a better customer experience. All of this will allow you to scale your business and accomplish more in less time, saving you both time and money.

Make an appointment or call us today to learn how we can assist you with all your small business loans.

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